Market Continued Closing Higher For The Third Consecutive Trading Day

NIFTY:

The Indian stock market index, NIFTY, opened with a gap up of 68 points at 17427.95, but soon started to decline after hitting its intraday high at 17428.05. The index filled the gap and found support above 17300, after which it started to climb back up. In the second half, NIFTY experienced a modest rally and closed in positive territory at 17398.05, gaining 0.22%. The AUTO sector outperformed with a gain of 1.49%, while sectors such as REALTY, BANK, and FINANCIAL performed well but others like FMCG, IT, METAL, and OIL GAS ended with a loss. The NIFTY index has recently experienced a breakout from a trading range within the 16850-17200 levels, resulting in a short-term upward trend with a pattern target of around 17550. However, support at 17000 and resistance at 17500 remain evident, meaning that buying opportunities should only be considered while the index is above the 17000 level. Previously, the index was exhibiting a bearish pattern of lower highs and lower lows, but this has halted with prices now surpassing the previous swing high and swing low. It remains to be seen whether the index will enter a consolidation phase or a reversal in the coming days.

BANK NIFTY:

The BANK NIFTY opened with a gap up of 93 points, but couldn’t sustain the higher levels and began to drift downwards. However, the index found support, consolidated, and broke out on the upside after hitting an intraday low of 40535.90. The rest of the day saw modest gains with an intraday high of 40857.60 and a closing gain of 213 points at 40815.10. PSU and PVT BANK indices both performed similarly, closing higher by 1.06% and 0.76%, respectively. ICICI BANK contributed the most on the upside while AU BANK contributed the least. With a stop at 40400 and a target at 41400, the long position taken at 40475 remained intact and should be maintained with a raised stop since it is currently in profit. The BANK NIFTY started the new financial year with gains, but the intraday movement was narrow, moving within a range of just 375 points. As long as the index is above the 40000 level, buying opportunities should be considered since the short-term trend is up.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Nikkei Services PMI (Mar) on 05th April, 2023 INR: Interest Rate Decision on 06th April, 2023	USD: JOLTs Job Openings (Feb) on 05th April, 2023 USD: ADP Nonfarm Employment Change (Mar) on 05th April, 2023

NEWS UPDATES

• Benchmark indices ended marginally higher in the volatile session on April 3. The Sensex was up 114.92 points or 0.19% at 59,106.44, and the Nifty was up 38.20 points or 0.22% at 17,398. About 2692 shares advanced, 846 shares declined, and 121 shares unchanged.

• An Adani Group joint venture with EdgeConneX is in talks with about half a dozen banks for a loan of about $220 million, which would be the conglomerate’s first offshore borrowing since it was targeted by shortseller Hindenburg Research.

• An unexpectedly large fall in India’s current account deficit (CAD) in October-December, coupled with a sharp downward revision in the July-September figure, has led economists to see a much more positive outturn for India’s external balance for this year as well as the next.

• Government has cut windfall tax on crude oil production to nil from 3,500 rupees ($42.56) per tonne effective from Tuesday, according to a government notification. The windfall tax on diesel has been slashed to Rs 0.5 per litre from Re 1 per litre earlier. There is no windfall tax on petroleum and ATF.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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